Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures recaptured the $1,400-an-ounce level on Thursday as risk-averse investors renewed their interest in bullion�s perceived safety and following steep corrections for metals in the previous session. Concerns about higher Chinese inflation and ongoing worries about currency moves amid the Group of 20 meeting underway in Seoul also contributed to push gold and other metals higher even as the dollar rose.

Gold futures for December delivery gained $4, or 0.3%, to $1,403.30 an ounce on the Comex division of the New York Mercantile Exchange. The metal wavered in early floor trading after hitting an intraday high of $1,419.40 an ounce. Prices declined about 1% on Wednesday after a fourth consecutive record high earlier. �The market went through a pretty sizeable correction this week,� said James Moore, an analyst with Thebulliondesk.com. Thursday�s gain �is flight to safety� as worries about Europe�s sovereign bonds, currencies, fundamental dollar weakness and inflation still dominate trading, he said. See full story.